SEC approves commencement of Access Holdings’ N351 billion rights issue

The Securities and Exchange Commission has approved the commencement of Access Holdings Plc’s N351 billion rights issuance capital increase programme.

This was confirmed in a statement issued by Holdings to journalists in Lagos on Sunday.

According to the group, the approval is an important milestone in the previously announced capital raising program, which was intended to raise up to $1.5 billion.

It was also stated that the rights issue was strategically structured to strengthen Access Holdings’ financial position and meet its ongoing working capital needs.

According to the holdings, the program will also provide financing for organic growth within the banking and non-banking subsidiaries.

“The approved rights issue offers 17,772,612,811 ordinary shares of N0.50 each at a price of N19.75 per share.

“The offer will be made on the basis of one new ordinary share for every two existing ordinary shares held on June 7, 2024,” the press release said.

The lead issuer for the rights offering by Access Holdings is Chapel Hill Denham Advisory Ltd., while Atlas Registrars Ltd. will act as registrar for the offering.

The offer opens on July 8th and closes on August 14th.

It was noted that the rights circular would be distributed to the shareholders by Atlas Registrars Ltd. and the application forms would also be available on the various websites.

The holding company advised its shareholders to contact their stockbrokers for more information about the offer.

Access Holdings said it remains committed to its strategic vision of expanding its footprint and delivering exceptional value to all its stakeholders.

It was noted that the successful execution of the rights issue would further strengthen the Group’s position as a leading financial services provider in Africa and beyond.